{"id":945080,"date":"2026-10-29T11:08:11","date_gmt":"2026-10-29T11:08:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/945080\/"},"modified":"2026-10-29T11:08:11","modified_gmt":"2026-10-29T11:08:11","slug":"concerns-raised-in-jersey-as-reserves-used-to-fund-pension-pot","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/945080\/","title":{"rendered":"Concerns raised in Jersey as reserves used to fund pension pot"},"content":{"rendered":"

Alisdair Macleod, an accountant and former civil servant, said this policy “concerns him a lot” as the Social Security Reserve Fund has been built up over many decades and is “designed to cushion the impact of an ageing population”.<\/p>\n

“Since 2020, a significant amount of money has been taken out of that pensions pot [Social Security Reserve Fund] as a result of the government cutting the amount it’s paying into the Social Security Fund and it’s continuing to do that in this budget.”<\/p>\n

Macleod disputed Deputy Millar’s view that the social security fund was “healthy”.<\/p>\n

“I’ve heard this fund described as ‘healthy’, yet the last full actuarial assessment of the fund in 2021, external<\/a> projected that on current levels of migration, the fund would run out entirely by 2082, and to me that doesn’t feel healthy.”<\/p>\n

“Furthermore, when they last updated their projections to include the impact of a cut in the money being put in by the government last year, they projected that that would reduce the life of the fund by a further 10 years.”<\/p>\n

Jersey’s Fiscal Policy panel warned that drawdowns and contribution cuts to the Jersey Social Security Fund should only occur after a comprehensive actuarial review, external<\/a> of future pension liabilities.<\/p>\n

However, States Members are being asked to vote on reducing the states grant to the fund for the 2027 budget before the review has been done.<\/p>\n

When asked if that was problematic, Senator Millar said: “I think its fair because of of the size of the social security funds as a whole.<\/p>\n

“There is plenty of money – nobody needs to be worried about the pensions. We can pay pensions for a very long time with the money we’ve got.<\/p>\n

“Even if no contribution went in at all, we could still pay pensions for seven years.<\/p>\n

“There not many countries with that level of funding for their pension schemes.” <\/p>\n","protected":false},"excerpt":{"rendered":"Alisdair Macleod, an accountant and former civil servant, said this policy “concerns him a lot” as the Social…\n","protected":false},"author":2,"featured_media":945081,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":["post-945080","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-au","tag-australia","tag-business","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/945080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=945080"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/945080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/945081"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=945080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=945080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=945080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}